What an $80B funding boost to the IRS could mean for taxpayers – Portland, Oregon

Date:

Portland, Oregon 2022-08-08 22:24:19 –

Washington (new nation) – down Inflation control law in 2022 Internal Revenue Service We will spend another $79.6 billion over the next decade to help government agencies unearth the backlog of paper returns and staff them to target the nation’s top earners.

The bill is expected to pass the House before being signed at President Biden’s desk. 87,000 new IRS agents on the agent’s roster. It is hoped that it will help speed up the processing of refunds that some taxpayers have been waiting as long as 10 months to receive.

Democratic backers of the bill say the bill is also aimed at cheating wealthy individuals out of their taxes, with $46 billion of the $80 billion allocated for audits.

Ben Wilkerson, managing attorney for North Mississippi Legal Services, says these audits can hurt low-income earners.

“There’s no rhyme or reason I can understand who gets audited,” he said.

Wilkerson has helped hundreds of low-income families affected by IRS audits. He said tracking down these individuals would be less work and would be completed more quickly.

Recent study Researchers at Syracuse University found that the poorest homes are five times more likely to be audited than other homes.

This figure compares to just 2% of audited billionaires in 2021.

Susan Long, a professor at Syracuse University, said the Inflation Reduction Act may give the agency the manpower it needs to change its practices.

“It’s really revolutionary,” she said. “Because the IRS has been under-resourced every year and has been given more and more mandates as we have seen and done things. is how the world turns.”

IRS Commissioner Charles Rettig said: letter He told the Senate last week that the Reducing Inflation Act’s resources “have nothing to do with increasing audit scrutiny of small businesses and middle-income Americans.” Instead, it will bring the IRS back to “historic norms in challenging areas for agencies.”

The funds received will also go to “employees and IT systems that enable us to better serve all taxpayers,” Rettig wrote.

What an $80B funding boost to the IRS could mean for taxpayers Source link What an $80B funding boost to the IRS could mean for taxpayers

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